The divested Riverbend portfolios represent a substantial, diversified asset base of nonoperated interests across the Bakken/Three Forks, Utica, Fayetteville and Haynesville. (Source: Riverbend Energy Group)
Riverbend Energy Group recently completed the $1.8 billion sale of nonoperated portfolios, marking the successful monetization for Riverbend of three of Riverbend’s five active traditional energy portfolios.
“We have now successfully monetized seven separate funds since our founding in 2003, establishing a consistent and enviable track record of value creation that reflects the excellence of our various disciplines as well as the grit and determination of our team to unearth opportunities in a highly volatile and dynamic business environment,” Riverbend CEO Randy Newcomer Jr. commented in an Aug. 22 release.
The transaction, previously announced in June, included its equity interests in Riverbend Oil & Gas VI LLC, Riverbend Oil & Gas VI-B LLC and Riverbend Oil & Gas VIII LLC. The buyer wasn’t disclosed.
The divested portfolios represent a substantial, diversified asset base of nonoperated interests across the Bakken/Three Forks, Utica, Fayetteville and Haynesville. As of the effective date of May 1, these properties produced approximately 47,000 boe/d from over 11,000 wells, according to the release.
Based in Houston, Riverbend is multi-faceted investment firm, utilizing risk-weighted deal evaluation processes to deploy capital into a variety of investment theses in the U.S. energy sector. Since 2003, the firm has successfully acquired, developed, and managed over $5 billion of total enterprise value across 10 asset portfolios.
Following the recent sale, Riverbend continues to manage and grow funds VII and IX, which target operated Midland Basin properties (Riverbend VII) and mineral and royalty interests across leading shale plays (Riverbend IX).
“We have now successfully monetized seven separate funds since our founding in 2003, establishing a consistent and enviable track record of value creation that reflects the excellence of our various disciplines as well as the grit and determination of our team to unearth opportunities in a highly volatile and dynamic business environment.”—Randy Newcomer Jr., Riverbend Energy Group
Additionally, the company is pursuing nonoperated working interest acquisitions in the Midland, Delaware, and Williston oil basins and Barnett, Fayetteville, Haynesville and Marcellus/Utica natural gas basins (Riverbend XI and/or successors). Riverbend said these hydrocarbon asset focused prospects are complimented by the growing energy transition opportunities that Riverbend is actively evaluating (Riverbend X).
“We will continue to provide similar investment opportunities to institutional investors in the traditional energy business, alongside our rapidly expanding energy transition segment,” Newcomer added.
Riverbend Energy Group also announced in its Aug. 22 release the addition of Ritu Sachdeva to augment the energy transition business.
Sachdeva joined the Riverbend team in June 2022 as a Managing director in the energy transition practice. She has over 18 years of leadership experience in energy and transition investing and operations. Prior to joining Riverbend, she served as the chief strategy officer of Innowatts, a leading AI-enabled decarbonization SaaS platform, managing company strategy, fundraising, growth opportunities and partnerships. Prior to Innowatts, she served in multiple senior management positions for Fortune 500 and FTSE 100 energy companies for 13 years.
Sachdeva holds a BA in Economics and an MBA from University of Delhi and a Masters in Energy Finance from University of Texas at Austin.
Recommended Reading
OPEC+ Agrees to Deep Oil Production Cuts Despite US Pressure
2022-10-05 - Sources said it remained unclear if cuts—OPEC’s deepest since the 2020 COVID pandemic—could include additional voluntary reductions by members such as Saudi Arabia, or if they could include existing under-production by the group.
Germany Signs Deal with Gas Firms to Supply Two Floating LNG Terminals
2022-08-16 - German gas importers Uniper, RWE and EnBW's VNG will supply LNG through two floating storage and regasification units until March 2024.
Russia Deepens Europe's Energy Squeeze with New Gas Halt
2022-08-31 - German regulator Klaus Mueller shared that the country is now better prepared for any power outages due to its efforts to store more natural gas.
US Natgas Drops 9% on Rail Deal, Bigger than Expected Storage Build
2022-09-15 - U.S. railway parties reached a tentative deal with unions to avoid railway shutdowns, according to a source, leading to a drop in natural gas prices.
LNG Market in Record Divergence Between Spot, Long-term Prices: Column
2022-09-05 - "While any surge in spot LNG prices in Asia as European buyers seek to draw cargoes away from the top-importing region of the super-chilled fuel is likely to grab the media headlines, it masks important shifts in the overall market dynamics," according to columnist Clyde Russell.